Sinopec Kantons buys 50% stake in Vesta Terminals

Sinopec Kantons Holdings Limited, a subsidiary of Asia’s largest refiner Sinopec Corp., will buy a 50% interest in Netherlands-based fuel storage operator Vesta Terminals B.V.
Sinopec Kantons will pay €128.6 million (US$167.8 million) to Mercuria Energy Asset Management B.V., parent of Vesta Terminals. Both parties will sign a shareholders’ agreement to regulate their rights and obligations in the JV, following the signing of the sales and purchase agreement on October 15.
The deal would expand Sinopec’s operation in Europe and help Sinopec gain experience in managing overseas storage facilities.
Vesta Terminals, as a part of the Mercuria Energy Group, operates a bulk liquid storage terminal with 1.6 million tons of storage capacity from three terminals in Antwerp, Belgium; Flushing, Netherlands; and, Tallinn, Estonia.
Sinopec Kantons is a logistics and trading company that deals with crude oil and petroleum products.